I am counsel to the New-Jersey based law firm Fahy Choi LLC where my practice focuses on representing small businesses and tax-exempt organizations in addition to family law matters. I was recently selected selected as one of the New Jersey Law Journal's 2011 "40 Under 40". During football and basketball season, I am rooting for the Scarlet Knights and Buckeyes.

The experts expect that this trend will continue over the next decade. Latino-owned businesses are expected to increase their total revenue contribution to the economy by 8% annually over the 10 years from 2005 to 2015. This is more than three times the average growth for all businesses. What does this mean: Latinos will have more economic clout, employ a greater proportion of the population and purchase substantially more in goods and services than they do today. Already this trend has had a major impact in states with large Latino populations. For example, more than 20 % of all businesses in New Mexico, Florida and Texas are owned by Latinos, and even in the state with the largest economy, California, the figure is fast approaching 20%.

Since in the United States, small business has always been the gateway to affluence, this means that a growing proportion of Latinos will find economic success. Inevitably this will lead to greater roles for Latino business owners in local chambers of commerce, local communities and government. Moreover, more Latino- owned businesses could mitigate the effects of the discrimination that Latinos still suffer in many communities, benefitting Latino employees with higher wages and more opportunities for advancement. Of course, the economic benefits from the dynamic growth of Latino businesses are not limited to the Latino community: one study in Los Angeles showed that growth of Latino owned businesses is a major factor in helping the city to recover from the devastating effects of the recession on its economy. The positive trends caused by Latino entrepreneurship can benefit the entire national economy and help the country to start growing again.

While much of the economic news we hear today is bleak, the dynamic growth of Latino-owned businesses is a bright spot that will likely transform the economic and political landscape in the United States in the years ahead.

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Great article! As a Latina-business owner, I am proud and excited to about the future of Latin-owned businesses. Growing up with family businesses in a Latin-Rich-California, I have seen the drive, passion and potential of our people. However, one of the main hurdles I have seen in my consulting practice is the need for education on how to evolve a one-man shoppe, or as my family would call it “changarro”, to the next level of small to medium size business, or even a national chain! I hoping to address some of that education gap through online-business courses and direct consulting with small businesses. I am currently debating the need for Spanish based courses. I’d love to hear from anyone with any thoughts or knowledge on the subject matter. You can contact me directly on my website www.tigercubadvisors.com Thanks for a great article!

@tigercubadvisors Very good point. I must admit that a previous life time ago I had all the fire but not the discipline. My father taught me “the hustle” but not the “book” smarts. You need both. After much startup experience I can feel confident to help other Latino owners. I would love to hear more about the Spanish based courses. I recently launched a beta @ http://kuento.com (maybe we can team up). You can reach me at dcastro@insomne.net